Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 390 — Loan to buy plant or machinery for employment use
Loan to buy plant or machinery for employment use 390 1 This section applies to a loan that is used for capital expenditure on the provision of plant or machinery to which subsection (2) applies. 2…
Section 391 — Eligibility requirements for interest on loans within section 390
Eligibility requirements for interest on loans within section 390 391 1 Interest on a loan within section 390(1) is eligible for relief if conditions A and B are met. 2 Condition A is that the…
Section 392 — Loan to buy interest in close company etc
Loan to buy interest in close company etc 392 1 This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2). 2 The ways are— a acquiring any…
Section 393 — Eligibility requirements for interest on loans within section 392
Eligibility requirements for interest on loans within section 392 393 1 Interest on a loan within section 392(1) to an individual is eligible for relief only if— a when the interest is paid the…
Section 393A — Close investment-holding companies
Close investment-holding companies 393A 1 For the purposes of sections 392 and 393, a close company (“the candidate company”) is a close investment-holding company in an accounting period unless…
Section 394 — Meaning of “material interest” in section 393
Meaning of “material interest” in section 393 394 1 For the purposes of section 393(4)(a) an individual has a material interest in a company if a relevant person meets condition A or B. 2 In this…
Section 395 — Meaning of “associate” in section 394
Meaning of “associate” in section 394 395 1 For the purposes of determining under section 394 whether an individual has a material interest in a company, in that section “ associate ”, in relation to…
Section 396 — Loan to buy interest in employee-controlled company
Loan to buy interest in employee-controlled company 396 1 This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2). 2 The ways are— a…
Section 397 — Eligibility requirements for interest on loans within section 396
Eligibility requirements for interest on loans within section 396 397 1 Interest on a loan within section 396 to an individual is eligible for relief only if conditions A to D are met. 2 Condition A…
Section 398 — Loan to invest in partnership
Loan to invest in partnership 398 1 This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2). 2 The ways are— a purchasing a share in a…
Section 399 — Eligibility requirements for interest on loans within section 398
Eligibility requirements for interest on loans within section 398 399 1 Interest on a loan within section 398 to an individual is eligible for relief only if conditions A and B are met. 2 Condition A…
Section 399A — Property partnerships: restriction of relief for investment loan interest
Property partnerships: restriction of relief for investment loan interest 399A 1 This section applies to interest on a loan within section 398 if— a the partnership concerned carries on a property…
Section 399B — Property partnerships: tax reduction for non-deductible loan interest
Property partnerships: tax reduction for non-deductible loan interest 399B 1 Subsections (2) and (3) apply if for a tax year an individual would be given relief for an amount (“the relievable…
Section 400 — Film partnerships
Film partnerships 400 1 This section applies in a tax year if— a the partnership (“the film partnership”) carries on a trade, b the profits or losses of the trade are calculated in accordance with…
Section 401 — Loan to invest in co-operative
Loan to invest in co-operative 401 1 This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2). 2 The ways are— a acquiring shares in a body…
Section 402 — Eligibility requirements for interest on loans within section 401
Eligibility requirements for interest on loans within section 401 402 1 Interest on a loan within section 401 to an individual is eligible for relief only if conditions A to C are met. 2 Condition A…
Section 403 — Loan to pay inheritance tax
Loan to pay inheritance tax 403 1 This section applies to a loan to the personal representatives of a deceased person if the loan is used— a in paying inheritance tax that meets the condition…
Section 404 — Eligibility requirements for interest on loans within section 403
Eligibility requirements for interest on loans within section 403 404 Interest on a loan within section 403(1) is eligible for relief only so far as it is paid in respect of a period ending within 12…
Section 404A — Amounts charged to be treated as highest part of total income
Amounts charged to be treated as highest part of total income 404A 1 A payment or other benefit which counts as a person's employment income as a result of section 403 is treated as the highest part…
Section 405 — Carry back and forward of relief for interest on loans within section 403
Carry back and forward of relief for interest on loans within section 403 405 1 This section applies if relief for any interest on a loan within section 403(1) that is eligible for relief cannot be…
Section 406 — Effect of recovery of capital in the case of some loans
Effect of recovery of capital in the case of some loans 406 1 This section applies if the individual to whom a loan is made to which section 392, 396, 398 or 401 applies recovers any amount of…
Section 407 — Events counting as recovery of capital for section 406
Events counting as recovery of capital for section 406 407 1 An individual is treated as having recovered an amount of capital from a company for the purposes of section 406 if— a the individual…
Section 408 — Replacement loans
Replacement loans 408 1 This section applies to a replacement loan. 2 In subsection (1) “ replacement loan ” means a loan to which section 392, 396, 398 or 401 applies because the loan is used in…
Section 409 — Business successions between partnerships
Business successions between partnerships 409 1 This section applies if— a a loan to which section 398 applies is made to an individual, b the partnership in question (“the old partnership”) is…
Section 410 — Other business successions and reorganisations
Other business successions and reorganisations 410 1 This subsection applies if— a a loan to which one of the business loan provisions or section 398 (loan to invest in partnership) applies is made…
Section 411 — Ineligibility of interest where business is occupation of commercial woodlands
Ineligibility of interest where business is occupation of commercial woodlands 411 1 Interest that would be eligible for relief under this Chapter apart from this section is not eligible if— a the…
Section 412 — Information
Information 412 1 A person (“the payer”) who claims relief under this Chapter for a payment of interest made in a tax year is entitled to request the person to whom the interest is paid to give the…
Section 412A — Relief for irrecoverable peer-to-peer loans
Relief for irrecoverable peer-to-peer loans 412A 1 A person (“L”) is entitled to relief under this section if— a L has made a peer-to-peer loan (“the relevant loan”), b the loan was made through an…
Section 412B — Claims for additional relief: sideways relief
Claims for additional relief: sideways relief 412B 1 A person (“L”) may make a claim for relief under this section if— a L is entitled to relief under section 412A in respect of any outstanding…
Section 412C — Claims for additional relief: carry-forward relief
Claims for additional relief: carry-forward relief 412C 1 A person (“L”) may make a claim for relief under this section if— a L is entitled to relief under section 412A in respect of any outstanding…
Section 412D — How carry-forward relief works
How carry-forward relief works 412D 1 This subsection explains how deductions are to be made under section 412C. The amount to be deducted at any step is limited in accordance with section 25(4) and…
Section 412E — Subsequent recovery of peer-to-peer loans
Subsequent recovery of peer-to-peer loans 412E 1 This section applies where— a any amount of the principal of a loan has been deducted under this Chapter in calculating a person's net income for a…
Section 412F — Assigned loans treated as made by the assignee etc
Assigned loans treated as made by the assignee etc 412F 1 This section applies where— a a person (“A”) is assigned the right to recover the principal of a loan, b the right is assigned through an…
Section 412G — Nominees etc
Nominees etc 412G For the purposes of this Chapter— a a loan or a payment made by or to a nominee or bare trustee for a person is treated as made by or to that person, and b a right assigned by or to…
Section 412H — Interaction with other reliefs
Interaction with other reliefs 412H 1 Subsection (2) applies in relation to a loan if any person has obtained income tax relief (other than under this Chapter) which is properly attributable to the…
Section 412I — Meaning of “loan”, “peer-to-peer loan” and related terms
Meaning of “loan”, “peer-to-peer loan” and related terms 412I 1 This section applies for the purposes of this Chapter. 2 “ Loan ” means a loan of money which— a is made on genuine commercial terms,…
Section 412J — Meaning of “operator” and related terms
Meaning of “operator” and related terms 412J 1 This section applies for the purposes of this Chapter. 2 “ Operator ” means a person who— a has permission under Part 4A of FISMA 2000 to carry on a…
Section 413 — Overview of Chapter
Overview of Chapter 413 1 This Chapter gives relief for some gifts of money to charities by individuals. 2 The relief is set out in section 414. 3 The Chapter contains provisions under which, in some…
Section 414 — Relief for gifts to charity
Relief for gifts to charity 414 1 An individual who makes a gift to a charity which is a qualifying donation is entitled to the relief set out in subsection (2). 2 The Income Tax Acts have effect in…
Section 414A — Tax reduction or charge if basic rate, and devolved basic rate, differ
Tax reduction or charge if basic rate, and devolved basic rate, differ 414A 1 Subsections (3) and (4) apply if an individual makes a gift to a charity which is a qualifying donation, and for the tax…
Section 415 — Meaning of “grossed up amount”
Meaning of “grossed up amount” 415 In this Chapter references to the grossed up amount of a gift are to the amount of the gift grossed up by reference to the basic rate for the tax year in which the…
Section 416 — Meaning of “qualifying donation”
Meaning of “qualifying donation” 416 1 A gift made to a charity by an individual is a qualifying donation for the purposes of this Chapter if— a conditions A to F are met, and b the individual , or…
Section 417 — Meaning of “benefits associated with a gift”
Meaning of “benefits associated with a gift” 417 A benefit is associated with a gift for the purposes of this Chapter if it is received by the individual who makes the gift, or a person connected…
Section 418 — Restrictions on associated benefits
Restrictions on associated benefits 418 1 For the purposes of section 416(7), the restrictions on benefits associated with a gift are breached if condition A or B is met. 2 Condition A is that the…
Section 419 — Gifts and benefits linked to periods of less than 12 months
Gifts and benefits linked to periods of less than 12 months 419 1 This section modifies the application of section 418(2) in relation to a gift if condition A, B, C or D is met. 2 Condition A is that…
Section 420 — Disregard of certain admission rights
Disregard of certain admission rights 420 1 A benefit associated with a gift is ignored for the purposes of this Chapter if the benefit consists of a relevant right of admission. 2 “ Right of…
Section 421 — Admission rights: supplementary
Admission rights: supplementary 421 1 This section applies for the purposes of section 420. 2 Condition C is to be treated as met even if the right does not apply on days which are specified by the…
Section 422 — Disqualified overseas gifts
Disqualified overseas gifts 422 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 423 — Restriction of certain reliefs
Restriction of certain reliefs 423 1 This section applies if— a an individual makes one or more gifts to charities in a tax year which are qualifying donations, and b amount A is greater than amount…
Section 424 — Charge to tax
Charge to tax 424 1 Income tax is charged under this section if— a an individual makes one or more gifts to charity in a tax year which are qualifying donations, and b amount A is greater than amount…